Form 2220

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Form 2220

A form that a corporation files with the IRS to calculate whether and how much the filer owes as a penalty for underpayment of estimated taxes. A corporation must file Form 2220 if the underpayment is $500 or more and if it is a large corporation estimating its first installment or if it uses the adjusted seasonal installment method or the annualized income installment method to pay estimated taxes.